Last checked at 15 Dec 2008 16:25
Date: 15th December 2008
On behalf of: London Finance & Investment Group P.L.C. ("the Company")
London Finance & Investment Group P.L.C. Quarterly Update
London Finance & Investment Group P.L.C. , the investment company, today provides a first quarter report on its performance.
In the five months to 30th November 2008, our net assets, including investments at market value, fell by 53% from 38.7p to 18.2p. This was primarily due to continuing declines in the values of two of our strategic investments: Finsbury Food Group plc ("Finsbury") and MWB Group Holdings Plc ("MWB") whose share prices fell by 67% and 63% respectively in the same period.
Finsbury released a trading statement on 26th November 2008 reporting on the four month period ending 30th October 2008. In that period revenue for the group continued to grow year on year with sales 11% ahead of the corresponding period last year and the Cake, Bread and Free From divisions all reported growth. Finsbury is taking steps to control its overheads and is increasing prices to recover some of the increases in its raw material prices.
MWB continues to grow its three core businesses but has now extended, by two years to 2010, its cash distribution programme so that it can better realise value for its businesses when markets are more receptive.
The Company remains confident with its strategy and portfolio of investments, and believes that these will drive the growth forward in the medium to longer term. The Board intends to maintain the current dividend policy.
For further information, please contact:
London Finance & Investment Group P.L.C. David Marshall/Edward Beale 020 7448 8950 Frank Lucas 020 7628 1128 Redleaf Communications 020 7822 0800 Emma Kane/Sanna Sumner/Rebecca Sanders-Hewitt
Notes to Editors:
¢â€" London Finance is an investment company whose assets primarily consist of three Strategic Investments and a General Portfolio. Strategic Investments are significant investments in smaller UK quoted companies and these are balanced by a General Portfolio, which consists mainly of investments in major U.K. and European equities. ¢â€" Its strategic investments comprise: Western Selection P.L.C., MWB Group Holdings Plc and Finsbury Food Group plc. Western Selection P.L.C. has strategic investments in Creston plc, Swallowfield plc, Northbridge Industrial Services plc and Hartim Limited. The General Portfolio has material interests in Oil, Natural Resources, Pharmaceuticals and Healthcare, Food and Beverages and Banking.
LONDON FINANCE & INVESTMENT GROUP PLC